Banking

The Raleigh, North Carolina-based bank grew loans and deposits in the second quarter as it won back business from former customers of the failed Silicon Valley Bank. First Citizens bought the remains of SVB last spring.

The siren song of greater regulatory uniformity will lead the industry to disaster, as the kind of innovation that benefits consumers is stifled.

The parent company of Flagstar Bank reported a net loss of $323 million for the second quarter after boosting loan-loss provisions and recording a steep increase in net charge-offs. Still, it says it's making progress on a turnaround plan, including by agreeing to the sale of its mortgage servicing business.

The $72.8 billion-asset bank lowered its guidance for net interest income, explaining that while business prospects on the island are relatively rosy, its stateside opportunities for loan growth look weaker.

The embattled Long Island-based bank announced the hiring of nine new senior executives. Most of them have ties to CEO Joseph Otting, who previously held the top job at the OCC and OneWest Bank.

The $73.5 million all-stock deal, slated to close early in 2025, would create a bank with more than $3 billion of assets.

The Spanish bank recorded its best efficiency ratio in 15 years, Chairwoman Ana Botin said in its quarterly earnings statement.

A rising number of check fraud cases involving counterfeit checks is compounding the already-serious problem of fraud in one of the oldest payment methods widely available.

Old National Bancorp's earnings remained strong as it continued its expansion into the southeast with its recent $344 billion acquisition of CapStar. Executives said they foresee similar growth for the remainder of the year.

The Northeast regional bank missed expectations on net interest income and negatively revised much of its 2024 guidance.

The credit card giant increased its allowance for credit losses by more than $800 million following the termination of a partnership with Walmart.

The Oklahoma-based bank also struck an upbeat tone on economic conditions and credit quality after it reported a sharp quarter-over-quarter increase in net income.

Financial institutions such as U.S. Bank and USAA are seeing high engagement with their customers via the mobile app. Experts say banks need to do a better job of capitalizing on this interest.

Federal banking agencies asked the Fifth Circuit to lift an injunction on new community lending regulations, arguing that the court misinterpreted the scope of the Community Reinvestment Act's reach.

Following Sunday's news of President Biden's decision not to seek reelection, see how the past two administrations handled banking reforms and what the future might hold.

Arrested four times for blocking the entrance to Citigroup, a veteran climate protester wonders why more rank-and-file bankers don't make common cause with activists trying to prevent the funding of fossil fuel development.

When the superregional bank sold its insurance business for $10.1 billion, it laid out three ways to use the proceeds: buybacks, a balance sheet repositioning and loan growth. The latter plan is so far proving to be elusive.

Bank OZK is the latest commercial real estate-heavy bank to announce plans to diversify its business. CEO George Gleason emphasized that he's confident in the bank's loan portfolio, but said he thinks misperceptions are dragging down the stock price.

In this edition of American Banker's news quiz, test yourself on the latest items covering FedNow's progress since launch, the merger between Capital One Financial and Discover Financial Services and more.

Deanne Zettler is taking on a newly created role at PCI SSC; Wisconsin's Landmark Credit Union is opening a new, tech-forward branch; Mo Assomull is named co-head of investment banking at Morgan Stanley; and more in this week's banking news roundup.